Everyone has been in a situation where payday was just a couple days too far away. If you have a credit card, you can probably survive by throwing a couple days’ worth of expenses on it and paying it back when you get paid.

Bad-Credit

If you have poor credit, applying for bad credit cash loans might be the best way to go. Cash advances or payday loans are short-term cash loans designed for anyone who needs that quick infusion of cash. If you have bad credit, they may be your only option.

Can You Qualify?

With bad credit, you might assume that any attempt at receiving a loan will be met with rejection. In truth, payday loans are so successful BECAUSE the will lend to virtually anyone. Rather than look at a credit score the way a bank or credit card company would, cash advances typically only require that you have a bank account, are at least 18 years old, and have some type of minimum annual income (the specific amount will vary between lenders).

At CashLoans.ca, for example, you only need a minimum annual income of $15,000.

How Can I Apply?

There are two main types of payday lenders: storefront and online. Online is easier because you can simply fill out the application form (remember, no credit check is required), and the cash will be automatically deposited into your account.

How Much Can I Borrow?

Typically cash advance companies will lend up to $1,500, but you’ll have to look around at specifics when applying. According to statistics from the Canadian payday loan industry, the average loan is $280 over 10 days.

Are Cash Loans A Ripoff?

You may have heard that payday loans are a complete rip-off. While it’s true that their interest rates can exceed even those of credit cards, you’re only accepting this loan in the short-term. As long as you pay it back after your next pay period, your fees will be minimal.

Compared to late fees, NSF charges, and other penalties you will accrue for being late on your bills, payday loans might be the better option.

Cash Loans With Bad Credit

How Do I Repay The Money?

The beauty of going online for your loan is that you pay the money back the same way you received it. At the end of your loan term (typically 10-14 days), the amount you borrowed (plus fees) will be automatically withdrawn from your account.

Obviously if you don’t have enough money in your account, that’s when you’ll start racking up the fees. If you know you’ll be short, contact your lender for an extension. You’ll probably end up paying more in fees, but they won’t be as high as what you’ll be charged if they try to withdraw money that isn’t there.

A Word Of Caution

Just because the amount of money is small and the payback period is short, don’t think you don’t need to read the fine-print. Always understand what you’re signing up for and make sure you’re comfortable with the terms.